These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Grundon Sand & Gravel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thames House, Oxford Road, Benson, Wallingford, Oxfordshire, OX10 6LX.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The entity has voluntarily prepared its financial statements in accordance with FRS 102 and has taken advantage of the exemption available to small entities from preparing a cash flow statement.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company operates a mineral extraction business, which has been profitable, but subject to fluctuations in commodity prices and demand. The director's have prepared detailed forecasts for a period of at least 12 months from the date of signing and these indicate that sufficient resources are available to meet obligations as they fall due.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover represents the value of consideration receivable, excluding value added tax, in the ordinary course of business for goods provided.

Revenue from the sale of aggregates is recognised when control of the goods has transferred to the customer, which is typically upon collection from site or delivery to a specified location in accordance with the agreed contractual terms. This is the point at which the significant risks and rewards of ownership have passed to the buyer. Revenue is measured based on the quantity of material supplied, at rates agreed within contractual arrangements or at prevailing market prices. Invoices are typically raised on delivery or in line with contractual billing schedules.

Revenue from haulage services is recognised when the delivery service has been completed. This is the point at which the materials have been and the service has been fully performed. Revenue is measured based on agreed haulage rates, which may vary according to distance, load size, journey type or other contractual terms.

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation. No depreciation is provided on assets under construction until they are commissioned. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Assets in the course of construction are not depreciated until they are commissioned. The company incurs significant expenditure on development of capital projects. The initial costs of project development are deferred and recognised within Current Assets until a formal decision has been taken to proceed with the project, at which point, the cost is either expensed to the profit or loss, or capitalised as an Asset Under Construction.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The company adopted the transition exemption under FRS 102 paragraph 35.10(d) and elected to use the revaluation on transition as deemed cost.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Grundon Sand & Gravel Limited is generally required to restore quarries at the end of their productive lives to a condition acceptable to the relevant authorities and consistent with the company's environmental policies.

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the development or ongoing production of a quarry. Such costs arising from the installation of plant and other site preparation work, discounted to its net present value, are provided for and capitalised at the start of each project, as soon as the obligation to incur such costs arises. These costs are charged against profits over the life of the operation, through the depreciation of the asset and the unwinding of the provision.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Management reassess the useful economic lives and residual values annually. Management estimate the useful economic lives based upon technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and note 1.4 for the depreciation rates for each class of assets.

The company’s investment property is located on land held under a long‑term lease within a trading estate area. The characteristics of the site give rise to inherent estimation uncertainty, particularly due to the constraints of leasehold tenure, limited market comparables for similar long‑leasehold investment properties, and the long-term assumptions required in valuing an asset situated on leased land.

Management assess the fair value of the property using information prepared by the company’s Estates team, who consider the condition of the site, the remaining lease term, anticipated future use, expected cash flows, and any relevant external market evidence available for comparable leasehold assets. The valuation therefore relies on assumptions regarding future marketability, the impact of the lease terms on value, and any future obligations that may arise over the duration of the lease.

Although the Directors consider these estimates to be reasonable and based on the best information available, the valuation of Investment Property is inherently subjective. Changes in the underlying assumptions - particularly regarding market conditions, lease‑related restrictions, or expected future use - could result in material adjustments to the carrying value of investment properties in future reporting periods.

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 21 for the disclosures relating to the defined benefit pension scheme.

Quarry restoration and aftercare costs are incurred during the operational life of each quarry site and for a considerable period thereafter. The period of aftercare post-closure and the level of costs expected are uncertain and can vary significantly from site to site. See note 19 for the disclosures relating to the restoration and aftercare provision.

The average monthly number of persons (including directors) employed by the company during the year was:

The directors received no remuneration from the company during the year (2024: £nil). Certain directors received remuneration from related party undertakings in respect of services provided to the company.

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

Land and buildings are carried at deemed cost. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £4,867,121 (2024: £4,979,170), being cost £5,234,379 (2024: £5,324,379) and accumulated depreciation £367,258 (2024: £345,209).

Freehold land and buildings with a carrying amount of £3,374,532 (2024: £3,453,504) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The directors have taken into consideration the matters set forth within note 2 of these financial statements, and have concluded that the fair value of the investment property remains materially consistent with the values reported as at 30 September 2024.

A balance of £1,310,000 loaned to related parties is included within the other debtors balance. This balance is not interest bearing and repayable upon demand.

Other Loans are secured by a fixed charge over a freehold property, accrues interest at 6.25% per annum and is repayable in 2029.

The restoration provision has been established to cover situations where the company has either a legal or constructive obligation to rehabilitate environmental disturbance caused by quarrying operations and represents the best estimate of expenditure required to settle obligations. These costs are expected to be incurred over the next fifteen years.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The majority of the company's deferred tax assets and liabilities are expected to reverse over more than one year.

The holders of "A" ordinary shares have rights neither to dividends nor to participate in any distribution on the winding up of the company. The holders of these shares are entitled to vote at the company's meetings.

The holders of "B" ordinary shares have rights to dividends and to participate fully in any distribution on winding up. The "B" ordinary shares carry no voting rights.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 September 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Barclays Bank plc holds an unlimited guarantee dated 30 May 2002 which is secured by charges on properties owned by Grundon Waste Management Limited, Grundon Sand & Gravel Limited and S Grundon (Waste) Limited.

There are cross guarantees in place relating to bank balances and loans of these other companies and with Grundon Waste Management Limited. At 30 September 2025 the net contingent liability in this respect amounted to £3,698,288 (2024: £nil).

In addition Lombard plc holds cross guarantees given by the Grundon companies in respect of finance for assets leased to the company under hire purchase, other finance leases and operating lease agreements. This is in addition to the leased assets themselves being secured.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The operating lease represents a lease which expires in 2060.

During the year the company entered into the following transactions with companies related by virtue of common control:

The following amounts were outstanding at the reporting end date:

Amounts owed to related parties are unsecured, interest-free and repayable on demand.

The following amounts were outstanding at the reporting end date:

£36,305 of the balance owed by related parties is unsecured, interest-free and repayable on demand. The remaining £1,310,000 is also unsecured but accrues interest 1% per annum and is repayable within 12 months of the reporting date.

In the prior year, the company paid additional consideration for land previously acquired. During the current year, it was identified that this amount should have been capitalised as part of the asset’s initial cost rather than being recorded as a current asset. A reclassification has therefore been made to correct the presentation. This adjustment has no impact on the result, nor on opening reserves as at 1 October 2024.

In addition, management identified an incorrect treatment of a dividend payment. This has decreased the opening reserves of the company by £14,250.